65% employees leave for salary & benefits; while 46% stay for work-life balance

65% employees leave for salary

30 per cent of candidates in Hong Kong surveyed are currently looking for a new job and a further 48 per cent are open to hearing about a fresh opportunity, according to the 2016 Hays Asia Salary Guide.

Not only are many employees in Hong Kong actively job hunting, 21 per cent want to be in a new role within the next six months with a further 23 per cent expecting to change jobs within the year.

“With almost a third of the workforce thinking about a move, employers need to pay close attention to what pushes an employee to start looking for a new job as well as their motivations for staying in the job they have”, says Dean Stallard, Regional Director of Hays in Hong Kong.

Top reasons for job hunting

According to the survey, the top reasons for job hunting of candidates in Hong Kong in order of preference are:

Salary or benefits (65 per cent) 
Seeking new challenges (40 per cent)
Lack of career progression in their current role (26 per cent) 
Management style/company culture (23 per cent) 
Poor work-life balance (16 per cent)
Work location (16 per cent)
Concerns about job security (12 per cent)
Lack of training or development opportunities (9 per cent)
Other (7 per cent)


Reasons for staying in the job

On the other hand, the key retention factors identified by employees in Hong Kong in order of preference are:

Work-life balance (46 per cent)
Job security (41 per cent)
Salary or benefit package (41 per cent)
Career progression (38 per cent) 
New challenges (36 per cent)
Work location (33 per cent)
The management style & company culture (33 per cent)
Training or development opportunities (21 per cent)
Other (3 per cent)

On a country level, work-life balance is the main retention reason for employees in Hong Kong, China and Singapore. In Japan the key to retention is career progression, while in Malaysia it is salary.

42% employees expect more than 6% pay rise, but only 17% companies will offer that

The survey also reveals that candidates in Hong Kong have higher expectations for the year ahead which don’t match up to what employers are intending to offer.

According to the research, a sizeable 42 per cent of employees expect a salary increase of more than 6 per cent, but only 17 per cent of employers will award more than 6 per cent increases this year.

“Employers with modest salary intentions this year will need to pay close attention to the other key benefits candidates and employees value most highly to ensure they can attract and retain the best talent in the year ahead,” said Dean.

He also recommended candidates to do their research and set realistic salary expectations before asking for a pay rise or intending to change jobs this year.

 

This article was originally published on Hays.

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